Ministry of Trade, Industry and Energy

Korea Seeks Closer Ties With the Middle East

Korea Seeks Closer Ties With the Middle East The Ministry of Knowledge Economy announced an initiative on May 22 to strengthen cooperation with Korea’s Middle Eastern partners. Korea is working with oil-producing countries in the region to establish new cooperation channels and also hopes to nurture partnerships in the renewable energy sector through technology exchanges and various human resources training programs. The scope of cooperation with countries in the region—previously l date2012-05-30

Korea, Norway Discuss Bilateral Ties

Vice Minister for Industry and Technology Yoon Sang-Jick meets with Norwegian Minister of Trade and Industry Trond Giske on May 15 in Gwacheon. Their discussion touched on various areas of cooperation such as shipbuilding, natural resources, carbon capture and storage technology, green growth and exploration of the Arctic region. date2012-05-23

Korea, Denmark Focus on Green Growth

Vice Minister for Industry and Technology Yoon Sang-Jick shakes hands with Danish Minister for Business and Growth Ole Sohn on May 15 in Seoul. The two officials signed a memorandum of understanding on the development of green ships at the second meeting of the Danish-Korean Green Growth Alliance. date2012-05-23

Vice Minister Talks With World Bank Leader

Vice Minister Talks With World Bank Leader Vice Minister for Trade and Energy Cho Seok met with visiting Vice President for the Sustainable Development Network Rachel Kyte from the World Bank on May 11 in the Gwacheon Government Complex. They discussed ways to promote cooperation on green growth. date2012-05-21

Korea Enhancing Investment Ties with Japan

Korea Enhancing Investment Ties with Japan Vice Minister for Trade and Energy Cho Seok traveled to Tokyo on May 15 to attend a business forum co-organized by the Ministry of Knowledge Economy and the Korea Trade-Investment Promotion Agency. The forum, which drew about 180 investors and businesspeople, detailed Korea’s lucrative investment environment and the benefits of its free trade agreements with major economies around the world. MKE and KOTRA also launched the Japan Center, a compreh date2012-05-21

Retail Sales Figures for April

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Korea, Peru Enhancing Cooperation on Industry, Energy and Trade

Minister of Knowledge Economy Sukwoo HONG and visiting Peruvian Minister of Foreign Commerce and Tourism José Luis Silva Martinot met last week to concretize the comprehensive strategic partnership the two countries announced on May 10 at the presidential Summit. The two Ministers signed a memorandum of understanding, under which Korea will support Peru in establishing a paperless trade system. They also affirmed their intention to utilize the Korea-Peru FTA (which took effect on August 1, 2011) to expand the scope of cooperation on trade and investment. Their discussion also touched on the purchase of Korean-made patrol cars for police departments in Peru; the upcoming construction of a hydroelectric power plant in Peru’s Molloco region, in which Korean companies have agreed to participate; and plans for an industrial cooperation committee to explore promising joint projects in both countries. The committee is set to launch in the second half of the year. * Released by the Americas Division date2012-05-17

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Thanks to robust outbound shipments, Korea produced 396,184 vehicles, up 0.2 percent from a year earlier. Exports continued to rise 3.9 percent year on year to 276,639 vehicles, but growth slowed due to the lower number of working days in April this year. High fuel prices and economic uncertainties drove sales of domestic cars down 6.8 percent to 118,377 vehicles. The lower date2012-05-10

IT Trade Figures for April

Meanwhile, IT imports dropped 5.3 percent from a year earlier to $6.31 billion. While imports of system semiconductors and household devices rose, demand fell for mobile phones and computers and related devices. Imports from Japan and the United States saw an increase; however, inbound shipments from China and Taiwan continued to decline. * Released by the Electronics and IT Policy Division date2012-05-08

Vice Minister Meets With Australian Climate Minister

Vice Minister Meets With Australian Climate Minister Vice Minister for Industry and Technology Yoon Sang-Jick meets with Australian Minister for Climate Change and Energy Efficiency Greg Combet on April 27 in Seoul. The two officials discussed how to reduce greenhouse gas emissions and strengthen industrial cooperation. date2012-05-04